Illinois Governor J.B. Pritzker has announced that he will be suspending laws that permit the service of a garnishment summons, wage deduction summons, or a citation to discover assets as part of consumer debt collection proceedings. The reason for this step is to protect the use of the stimulus money for food, shelter, and transportation as it was intended.
Illinois licensed lenders have been issued Best Practices by the Illinois Department of Financial and Professional Regulation. The Best Practices encourage the lenders to cooperate with the struggling borrowers during the COVID-19 pandemic by extending the time for payment, waive late charges, and defer collection measures.
Secretary of the Department of Financial and Professional Regulation, Deborah Hagan said, “These measures are intended to assist those impacted by this emergency and in need of temporary financial assistance.”
Residents of Illinois can also take temporary measures to protect their household income for family essentials by considering stopping automatic loan payments and rescinding wage assignments. You can learn more by going on the IDFPR website.
The Illinois borrowers that are considering taking these measures should keep in mind that their loans are not waived as they still owe their debt. They should immediately contact their creditors to discuss any hardship they are experiencing as a result of the COVID-19 pandemic.